Islamic Sukuk is an innovated financial product that is consistent with the Islamic law. Sukuk industry is expanding year after year in Islamic as well as western countries especially after the global financial crises 2008. Governments as well as corporations are involved in issuing Sukuk to finance investments and ease budget constraint. Malaysia and Arab Gulf countries dominate the primary and the secondary Sukuk markets. Britain plans to make London the capital of Islamic finance outside the Islamic world. Sukuk industry faces real challenges and risks from different aspects: from the Islamic law, the legal framework, in manning and applying Sukuk and lastly external challenges and risks. The study has explained these challenges and risks and suggested number of solutions to them, one of these suggested is to establish both national as well as international Shariàh Agencies to coordinate Islamic law issues among countries. A brief explanation of the Egyptian Sukuk law and number of lessons were followed